Simple Interest

Front

What does the 't' in the simple interest formula I=Prt represent?

Back

Time, in years

Front

What does the 'r' in the simple interest formula I=Prt stand for?

Back

Rate

Front

Convert 5% to a decimal.

Back

.05

Front

What does the 'I' in the simple interest formula I=Prt stand for?

Back

Interest

Front

Before using the rate in the simple interest formula, you must convert it to a ______.

Back

Decimal

Front

What is the formula for calculating simple interest?

Back

I = Prt

Front

If the principal is $1000, the rate is 5%, and the time is 3 years, what is the simple interest?

Back

$150

Front

What is the principal in the simple interest formula?

Back

The initial amount of money invested or borrowed.

Front

How do you convert a percentage to a decimal?

Back

Divide the percentage by 100.

Front

If the simple interest earned is $200, the principal is $1000, and the time is 2 years, what is the rate?

Back

10%.